Which of the following is not included in the current account of a nation's balance of payments?
A) Its goods exports.
B) Its goods imports.
C) Its net investment income.
D) Its purchases of real assets abroad.
Answer: D) Its purchases of real assets abroad.
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If average labor productivity increases, then the same number of employed workers will always produce:
A. more output per person. B. less output per person. C. less total output. D. more total output.
The price elasticity of demand is a measure of the extent to which the quantity demanded of a good changes when ________ and all other influences on buyers' plans remain the same
A) income changes B) the price of a related good changes C) the price of the good changes D) the demand alone changes E) both the demand and the supply simultaneously change
The marginal product of labor curve is the demand curve for labor
Indicate whether the statement is true or false
To economists, the resource category land includes all of the following except: a. trees
b. a sawmill. c. a water body. d. a limestone deposit.